Goldenfreude: Skeptical Advisers Can't Help Gloating

For years, gold's allure grew as the metal's price smashed through record after record. That put many financial advisers in the position of trying to dissuade clients from investing in the stuff. "I see no purpose in gold," says Sheryl Garrett, founder of the Garrett Planning Network. "I would rather own pretty much anything."

Now that gold has plummeted 27 percent from its record, culminating on April 15 in its deepest dive in 30 years, these same advisers are not above a little gloating -- or, as Barry Ritholtz, chief executive officer and director of equity research at FusionIQ, put it in a recent blog post, "goldenfreude." Says John Vento, an accountant and financial planner: "The gold rush is over." Gold's recent drop proves it is a "very risky investment," says Vento, author of the new book, "Financial Independence (Getting to Point X): An Advisor's Guide to Comprehensive Wealth Management."